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Non-Tech : The Woodshed
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To: TheSlowLane who wrote (33984)10/24/2005 9:47:00 PM
From: patron_anejo_por_favor  Read Replies (1) of 60899
 
I guess we now know why Greenie called that meeting in September on derivatives accounting and clearance delays. I think this is emblematic of widespread systemic fraud throughout the financial sector, hidden under the general category of "derivatives transactions"....think about it, you can hide damn near anything under that tent. And they do...especially that "institutions" that specialize in it (JPM, LEH, FNM all leap to mind here, but it's endemic). Refco was but the most egregious example, but until the financial accounting rules are changed to require accurate and current marking to market of derivative positions there will be more and more (and bigger and bigger) Refco's to come, and probably soon.
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